Ragnaros
ActiveSummary
Ragnaros has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €28k and a net result of €48k. Equity is growing by ~5.1% per year across the filed fiscal years. Its solvency ranks better than 32% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency57▼-28
Growth58▼-20
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.5k at 30 days acceptable
Liquidity short (current ratio 0.8 against 3.42 in 2024; short-term debt: 66.7% and cash: 8.8% of total assets), and 68% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
32%
Return on assets
54.5%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-07-2026, 29 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
29 d early
2024
on the day
2023
63 d early
2022
18 d early
2021
47 d early
2020
30 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€28k▼ 64.6%
2024 · €80k
2020: €35k
2021: €63k▲ +80.3% vs 2020
2022: €73k▲ +15.6% vs 2021
2023: €67k▼ -8.0% vs 2022
2024: €80k▲ +18.6% vs 2023highest in 6 years
2025: €28k▼ -64.6% vs 2024lowest in 6 years
2020 → 2025
Total assets
€89k▼ 33.7%
2024 · €133k
2020: €75klowest in 6 years
2021: €126k▲ +67.8% vs 2020
2022: €147k▲ +16.1% vs 2021highest in 6 years
2023: €116k▼ -20.6% vs 2022
2024: €133k▲ +14.6% vs 2023
2025: €89k▼ -33.7% vs 2024
2020 → 2025
Net result
€48k▼ 34.3%
2024 · €73k
2020: €34k
2021: €28k▼ -16.1% vs 2020
2022: €10k▼ -64.9% vs 2021lowest in 6 years
2023: €60k▲ +506% vs 2022
2024: €73k▲ +22.2% vs 2023highest in 6 years
2025: €48k▼ -34.3% vs 2024
2020 → 2025
Working capital
€-12k
2024 · €77k
2020: €34k
2021: €63k▲ +86.5% vs 2020
2022: €65k▲ +3.7% vs 2021
2023: €47k▼ -27.4% vs 2022
2024: €77k▲ +63.4% vs 2023highest in 6 years
2025: €-12k▼ -116% vs 2024lowest in 6 years
2020 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€63k-€73k▲ 15.6%€67k▼ 8.0%€80k▲ 18.6%€28k▼ 64.6%
2021: €63k
2022: €73k▲ +15.6% vs 2021
2023: €67k▼ -8.0% vs 2022
2024: €80k▲ +18.6% vs 2023highest in 5 years
2025: €28k▼ -64.6% vs 2024lowest in 5 years
Operating result€38k-€21k▼ 45.6%€80k▲ 281%€97k▲ 22.2%€62k▼ 36.6%
2021: €38k
2022: €21k▼ -45.6% vs 2021lowest in 5 years
2023: €80k▲ +281% vs 2022
2024: €97k▲ +22.2% vs 2023highest in 5 years
2025: €62k▼ -36.6% vs 2024
Net result€28k-€10k▼ 64.9%€60k▲ 506%€73k▲ 22.2%€48k▼ 34.3%
2021: €28k
2022: €10k▼ -64.9% vs 2021lowest in 5 years
2023: €60k▲ +506% vs 2022
2024: €73k▲ +22.2% vs 2023highest in 5 years
2025: €48k▼ -34.3% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 37% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €89k
Fixed assets
€42k ▲ 67.2%
Current assets
€47k ▼ 56.7%
Equity and liabilities €89k
Equity
€28k ▼ 64.6%
Debt
€60k ▲ 12.7%
Debt's share of the balance-sheet total rises from 40.0% to 68.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€66k▼
2024 · €101k
Cash flow
€53k▼
2024 · €77k
Current ratio
0.80▼
2024 · 3.42
Quick ratio
0.49▼
2024 · 3.42
Debt to equity
2.13▲
2024 · 0.67
ROE
170.5%▲
2024 · 91.8%
ROA
54.5%▼
2024 · 55.0%
Interest coverage
235.19▲
2024 · 88.10
Debt ≤ 1 year
€59k▲
2024 · €32k
Income taxes
€15k▼
2024 · €24k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 49 lines
Balance sheet
Code20242025
Assets
Total assets20/58€133k€89k▼
Fixed assets21/28€25k€42k▲
Tangible fixed assets22/27€24k€26k▲
Plant, machinery and equipment23€9k€9k▼
Furniture and vehicles24€5k€6k▲
Other tangible fixed assets26€10k€12k▲
Financial fixed assets28€1k€15k▲
Current assets29/58€109k€47k▼
Stocks and contracts in progress3-€18k
Stocks30/36-€18k
Amounts receivable within one year40/41€49k€17k▼
Trade receivables40€17k€17k▲
Other amounts receivable41€32k€0▼
Cash at bank and in hand54/58€58k€8k▼
Deferred charges and accrued income490/1€2k€4k▲
Equity and liabilities
Total equity and liabilities10/49€133k€89k▼
Equity10/15€80k€28k▼
Contributions10/11€2k€2k=
Reserves13€79k€27k▼
Distributable reserves133€79k€27k▼
Profit (loss) carried forward14€0€0=
Amounts payable17/49€53k€60k▲
Amounts payable within one year42/48€32k€59k▲
Financial debts43€0€106▲
Credit institutions430/8€0€106▲
Trade debts44€1k€2k▲
Suppliers440/4€1k€2k▲
Taxes, remuneration and social security45€30k€19k▼
Taxes450/3€30k€19k▼
Other amounts payable47/48€182€38k▲
Accrued charges and deferred income492/3€22k€1k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€4k▲
Other operating charges640/8€669€1k▲
Gross operating margin9900€101k€67k▼
Operating profit (loss)9901€97k€62k▼
Financial income75/76B€730€2k▲
Recurring financial income75€730€2k▲
Financial charges65/66B€1k€281▼
Recurring financial charges65€1k€281▼
Profit (loss) for the period before taxes9903€97k€63k▼
Income taxes67/77€24k€15k▼
Profit (loss) for the period9904€73k€48k▼
Profit (loss) for the period to be appropriated9905€73k€48k▼
Appropriation of the result
Profit (loss) to be appropriated9906€73k€48k▼
Transfer from equity791/2€61k€73k▲
Transfer to equity691/2€73k€21k▼
To other reserves6921€73k€21k▼
Profit to be distributed694/7€61k€100k▲
Return on contributions (dividend)694€61k€100k▲
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €738 | €800 | €2k | €3k | €4k | ▲ 30.5% |
| Other operating charges640/8 | €242 | €184 | €938 | €669 | €1k | ▲ 84.5% |
| Gross operating margin9900 | €39k | €22k | €83k | €101k | €67k | ▼ 33.7% |
| Operating profit (loss)9901 | €38k | €21k | €80k | €97k | €62k | ▼ 36.6% |
| Financial income75/76B | - | €58 | €0 | €730 | €2k | ▲ 150% |
| Recurring financial income75 | - | €58 | €0 | €730 | €2k | ▲ 150% |
| Financial charges65/66B | €800 | €525 | €2k | €1k | €281 | ▼ 75.4% |
| Recurring financial charges65 | €800 | €525 | €2k | €1k | €281 | ▼ 75.4% |
| Profit (loss) for the period before taxes9903 | €38k | €20k | €78k | €97k | €63k | ▼ 34.8% |
| Income taxes67/77 | €9k | €11k | €18k | €24k | €15k | ▼ 36.2% |
| Profit (loss) for the period9904 | €28k | €10k | €60k | €73k | €48k | ▼ 34.3% |
| Profit (loss) for the period to be appropriated9905 | €28k | €10k | €60k | €73k | €48k | ▼ 34.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €126k | €147k | €116k | €133k | €89k | ▼ 33.7% |
| Fixed assets21/28 | €2k | €10k | €23k | €25k | €42k | ▲ 67.2% |
| Tangible fixed assets22/27 | €936 | €9k | €22k | €24k | €26k | ▲ 11.6% |
| Plant, machinery and equipment23 | - | €8k | €10k | €9k | €9k | ▼ 7.7% |
| Furniture and vehicles24 | €936 | €198 | €0 | €5k | €6k | ▲ 22.2% |
| Other tangible fixed assets26 | - | - | €12k | €10k | €12k | ▲ 25.2% |
| Financial fixed assets28 | €1k | €1k | €1k | €1k | €15k | ▲ 1,163% |
| Current assets29/58 | €124k | €137k | €94k | €109k | €47k | ▼ 56.7% |
| Stocks and contracts in progress3 | - | - | - | - | €18k | - |
| Stocks30/36 | - | - | - | - | €18k | - |
| Amounts receivable within one year40/41 | €10k | €16k | €16k | €49k | €17k | ▼ 65.1% |
| Trade receivables40 | €10k | €16k | €16k | €17k | €17k | ▲ 0.3% |
| Other amounts receivable41 | - | - | - | €32k | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €113k | €98k | €9k | €58k | €8k | ▼ 86.5% |
| Deferred charges and accrued income490/1 | €968 | €23k | €69k | €2k | €4k | ▲ 86.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €126k | €147k | €116k | €133k | €89k | ▼ 33.7% |
| Equity10/15 | €63k | €73k | €67k | €80k | €28k | ▼ 64.6% |
| Contributions10/11 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves13 | €62k | €72k | €66k | €79k | €27k | ▼ 65.9% |
| Distributable reserves133 | €62k | €72k | €66k | €79k | €27k | ▼ 65.9% |
| Profit (loss) carried forward14 | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €63k | €73k | €49k | €53k | €60k | ▲ 12.7% |
| Amounts payable within one year42/48 | €62k | €72k | €46k | €32k | €59k | ▲ 85.9% |
| Financial debts43 | - | - | - | €0 | €106 | ▲ 118,189% |
| Credit institutions430/8 | - | - | - | €0 | €106 | ▲ 118,189% |
| Trade debts44 | €1k | €13k | €3k | €1k | €2k | ▲ 69.1% |
| Suppliers440/4 | €1k | €13k | €3k | €1k | €2k | ▲ 69.1% |
| Taxes, remuneration and social security45 | €32k | €27k | €33k | €30k | €19k | ▼ 38.4% |
| Taxes450/3 | €32k | €27k | €33k | €30k | €19k | ▼ 38.4% |
| Other amounts payable47/48 | €29k | €32k | €10k | €182 | €38k | ▲ 20,887% |
| Accrued charges and deferred income492/3 | €1k | €1k | €2k | €22k | €1k | ▼ 94.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28k | €10k | €60k | €73k | €48k | ▼ 34.3% |
| + Depreciation and write-downs630 | €738 | €800 | €2k | €3k | €4k | ▲ 30.5% |
| Operating cash flow (approximation) | €29k | €11k | €62k | €77k | €53k | ▼ 31.5% |
| Investment in fixed assets (approximation) | - | €-8k | €-15k | €-5k | €-21k | ▼ 304% |
| Change in cash | - | €-15k | €-89k | €49k | €-50k | ▼ 202% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
10-09
State Gazette act
General meeting · Director reappointment
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2020net €73k ▲22.2%
Operating result €97k, net result €73k, both a record.
29-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
13-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €10k ▼64.9%
Net result drops to €10k, the lowest in the series; recovery starts the following year.
14-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
01-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Dendermonde · 1 establishment unit since 2020
Ground area
1,485 m²
Building footprint
168 m²
Volume, LiDAR
959 m³
Parcel 42006B0535/00X000, Flanders · tallest building 7.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Ragnaros
since 20202.298.163.392
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42006B0535/00X000 | Flanders | 1,485 m² | 1 · 168 m² | 7.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
1 location
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 33,982 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded21-01-2020
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
73300Public relations and communication consultancy
Scores and ratios are computed by Checked and are not a credit decision.